华友钴业2025年上半年营收净利均创历史同期新高

Core Insights - Zhejiang Huayou Cobalt Co., Ltd. reported a record high revenue of 37.197 billion yuan for the first half of 2025, representing a year-on-year growth of 23.78% [2] - The company's net profit reached 2.711 billion yuan, up 62.26% year-on-year, with a net profit of 2.587 billion yuan after excluding non-recurring gains, marking a 47.68% increase [2] - The company distributed a cash dividend of 5 yuan per 10 shares, totaling 839 million yuan, with cumulative cash dividends over the past three years accounting for 74.51% of the average net profit during that period [2] Business Operations - Huayou Cobalt's output of ternary cathode materials reached 39,600 tons, a year-on-year increase of 17.68%, with high-nickel 9-series products accounting for over 60% of the total [3] - The company exported 57% of China's total ternary cathode materials, while the output of ternary precursors was 42,100 tons, reflecting a strategic reduction in low-profit products [3] - Nickel product output surged by 83.91% to 139,400 tons, providing strong support for the company's performance, while cobalt product output decreased by 9.89% to 20,800 tons [3] Resource Development - In Indonesia, Huayou Cobalt has added stakes in two nickel laterite mines, enhancing its nickel-cobalt resource reserves [3] - The company’s hydrometallurgical projects are leading the market, with a shipment of approximately 120,000 tons of nickel-cobalt hydroxide (MHP), showing a growth of over 40% [3] - The Pomalaa hydrometallurgical project, with an annual production capacity of 120,000 tons of nickel metal, has commenced construction, while preparations for the Sorowako project are progressing smoothly [3] Lithium Projects - In Zimbabwe, the resource reserve of the Arcadia lithium mine increased from 1.5 million tons to 2.45 million tons of lithium carbonate equivalent, with an improved grade of 1.34% [4] - The annual production project of 50,000 tons of lithium sulfate is in the equipment installation phase, expected to be completed by the end of the year, which will further reduce lithium salt production costs [4] - The first phase of the 50,000-ton ternary precursor project in Indonesia has achieved bulk supply, laying the groundwork for entry into the North American market [4] Market Outlook - The company anticipates a recovery in the market share of ternary materials as prices of core metals stabilize, and the price gap between ternary batteries and lithium iron phosphate batteries narrows [4] - The industrialization of solid-state batteries and the demand for high energy density in emerging markets such as humanoid robots and eVTOL aircraft are expected to drive growth in the ternary materials market [4]